I thought $700B was a low-ball number, but
Also it look like the FDIC is taking over
WaMu
They'll take it over for a short period of time before MS or GS, or another bank for that matter, come in and buy their clean assets and deposits.
Nevermind, I didn't read the article and saw that JPMorgan will buy their deposits. We are going to have 5 SUPER banks by this time next year and IMO, that is not a good thing.
JPMorgan
BofA
Citi
GS
MS
STLouis Blazer Wrote:They'll take it over for a short period of time before MS or GS, or another bank for that matter, come in and buy their clean assets and deposits.
Nevermind, I didn't read the article and saw that JPMorgan will buy their deposits. We are going to have 5 SUPER banks by this time next year and IMO, that is not a good thing.
JPMorgan
BofA
Citi
GS
MS
Yea, banking has been heading that way for years...but boy has this sped up the process.
It has gone through A LOT of consolidation, as Birmingham is well aware, but I have a feeling what we are about to see is unprecedented. The only thing that is slowing down the process is FAS 157 but with these failed institutions 157 doesn't matter because clean assets are being bought and do not require being marked-to-market.
Banking acquisition activity is about to go full throttle.
